National Pension Service Reduces Stock Holdings in Atlassian Co. (NASDAQ:TEAM)

National Pension Service lessened its stake in shares of Atlassian Co. (NASDAQ:TEAM) by 17.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 245,066 shares of the technology company’s stock after selling 51,000 shares during the quarter. National Pension Service owned approximately 0.09% of Atlassian worth $59,644,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEAM. Creative Planning increased its position in Atlassian by 32.3% during the 3rd quarter. Creative Planning now owns 7,947 shares of the technology company’s stock worth $1,262,000 after purchasing an additional 1,941 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Atlassian by 96.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,730 shares of the technology company’s stock worth $1,228,000 after purchasing an additional 3,797 shares in the last quarter. J.W. Cole Advisors Inc. increased its position in Atlassian by 145.7% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 3,899 shares of the technology company’s stock worth $619,000 after purchasing an additional 2,312 shares in the last quarter. Pallas Capital Advisors LLC purchased a new stake in Atlassian during the 3rd quarter worth about $236,000. Finally, abrdn plc increased its position in Atlassian by 19.9% during the 3rd quarter. abrdn plc now owns 54,989 shares of the technology company’s stock worth $8,733,000 after purchasing an additional 9,137 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $278.48 on Friday. The company has a market cap of $72.96 billion, a P/E ratio of -207.82 and a beta of 0.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. Atlassian Co. has a one year low of $135.29 and a one year high of $326.00. The business’s 50-day simple moving average is $274.16 and its 200 day simple moving average is $226.35.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, sell-side analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other Atlassian news, Director Heather Mirjahangir Fernandez sold 3,000 shares of Atlassian stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $275.00, for a total transaction of $825,000.00. Following the sale, the director now directly owns 5,610 shares in the company, valued at $1,542,750. The trade was a 34.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $265.96, for a total value of $2,113,850.08. Following the sale, the director now owns 158,960 shares in the company, valued at $42,277,001.60. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,501 shares of company stock worth $75,853,687. 38.55% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TEAM has been the subject of a number of recent research reports. Raymond James reiterated an “outperform” rating and set a $330.00 price objective (up previously from $250.00) on shares of Atlassian in a research report on Friday, January 31st. JMP Securities reissued a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. Macquarie raised their price target on Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Robert W. Baird raised their price target on Atlassian from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, StockNews.com raised Atlassian from a “hold” rating to a “buy” rating in a research note on Friday, February 21st. Eight investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.